It is no longer news that the United States has restated its commitment toward lowering carbon emissions and taking an active part in the quest to normalize environmentally friendly measures on the global scene. This drastic shift in policymaking will spur the introduction and establishment of more stringent approaches to climate change. Undoubtedly, the reentering of the United States in the climate change conversation is indicative of the seriousness of this crisis and the drastic decisions countries would likely make to meet the environmental goals set in Paris, known as the Paris Agreement.
At the heart of this political and economic restructuring is the growing impact of innovative technologies in the pursuit of a sustainable environment. You would expect that innovations should contribute positively to this movement. It is futile to invest trillions of dollars in developing new technologies without factoring in the long-term propensity of adhering to the 2030 Sustainable Development Goals, especially on matters relating to environmental sustainability. Thus, it is imperative to analyze the viability of blockchain from the critical lenses of an environmentalist.
Is there a place for blockchain in an environmentally conscious society?
Blockchain has become one of the most revered technologies in the last couple of years due to the growing acceptance of digital assets. The possibility of enabling a new order of monetary services has propelled the technology to the hallowed realm of innovations potent enough to fuel the Fourth Industrial Revolution. However, at the moment, the most widely used application of blockchain technology — Bitcoin (BTC) — tends to attract unwanted publicity regarding its role in climate change.
Bitcoin utilizes a process called mining to mint new coins. This requires miners to solve highly…